Wallace W. Altes, Host of WMHT's "The Bottom Line," host a panel of local developers Feb. 12, 2008, at the Rensselaer County Regional Chamber of Commerce Ecomomic Development Luncheon at the Comfort Inn & Suites in Schodack, N.Y. (Lori Van Buren/Times Union archive) less

Wallace W. Altes, Host of WMHT's "The Bottom Line," host a panel of local developers Feb. 12, 2008, at the Rensselaer County Regional Chamber of Commerce Ecomomic Development Luncheon at the Comfort Inn & ... more

The River Triangle Building at 270 River St. is one of several buildings the Troy Industrial Development Agency will examine for projects Friday, Feb. 21, 2014 in Troy, N.Y. (Lori Van Buren / Times Union)

The River Triangle Building at 270 River St. is one of several buildings the Troy Industrial Development Agency will examine for projects Friday, Feb. 21, 2014 in Troy, N.Y. (Lori Van Buren / Times Union)

The River Triangle Building at 270 River St. is one of several buildings the Troy Industrial Development Agency will examine for projects Friday, Feb. 21, 2014 in Troy, N.Y. (Lori Van Buren / Times Union)

The River Triangle Building at 270 River St. is one of several buildings the Troy Industrial Development Agency will examine for projects Friday, Feb. 21, 2014 in Troy, N.Y. (Lori Van Buren / Times Union)

The city Industrial Development Authority authorized three projects worth $38.8 million and gave preliminary approval to a fourth project valued at $4.27 million Friday and then heard its chairman announce his resignation.

With the $27 million redevelopment of the former city hall site at 1 Monument Square expected to come before both of the city's key economic development panels later this year, Altes said he thought it best that he leave the two agencies rather than have to continuously recuse himself from board discussions and votes.

Altes said he is gratified to have played a role in assisting in the redevelopment of the city's downtown through various IDA and LDC projects.

The IDA authorized tax breaks for the Hudson Art House Project, the 444 River Lofts and Proctor's Theater.

The Hudson Arts House Project proposed by the Vecino Group New York LLC at 621-623 River St. is a $16.4 million project that would provide affordable housing and commercial space for artists. The Vecino Group received abatements for $452,000 in sales tax, $87,000 in mortgages taxes and $2,072,433 in property tax exemptions.

More Information

The Vecino Group also proposed the $15.2 million 444 River Lofts project in the former Marvin Neitzel Building with 5,812 square feet of commercial space and 75 market-rate city-style loft apartments. The tax breaks include $16,000 in sales tax, $152,825 in mortgage tax and $1,751,792 in property taxes.

The $7.2 million redevelopment of 30,000 square feet of office space and preserving the theater in the old Proctor's complex on Fourth Street by Columbia Proctors Realty LLC received tax breaks of $256,960 in sales tax, $50,000 in mortgage tax and a property tax break to be calculated.

"The important thing is stabilizing the theater for some future use," Altes said.

Preliminary approval was granted to the $4.27 million project at River Triangle Building at 264-274 River St. and the American Theatre Building at 285-289 River St. by Dauchy/River Triangle LLC. The company is seeking $60,000 in sales tax, $18,697 in mortgage tax and $665,000 in property tax exemptions.

The IDA also approved a contract with Hoosick Valley Contractors for $735,000 to build stairway access to Riverfront Park through the former parking garage entrance at 273 River St.